Malaysia Airlines reports six consecutive quarterly losses

Malaysia Airlines revenue down 7% - financial highlights:

• Three months ended 30-Jun-2014:
• • Operating revenue: MYR3337 million (USD1032 million), -7.2% year-on-year;
  • Operating costs: MYR3623 million (USD1120 million), +2.0%;
  • • Fuel: MYR1530 million (USD473.0 million), +10%;
  • EBITDA (loss): (MYR32.9 million) (USD10.2 million), compared to a profit of MYR227.8 million (USD70.4 million) in p-c-p;
  • Net profit (loss): (MYR307.0 million) (USD94.9 million), compared to a loss of MYR176.0 million (USD54.4 million) in p-c-p;
• Six months ended 30-Jun-2014:
• • Operating revenue: MYR6868 million (USD2123 million), -1.6%;
  • Operating costs: MYR7325 million (USD2264 million), +3.7%;
  • EBITDA (loss): (MYR134.1 million) (USD41.5 million), compared to a profit of MYR258.0 million (USD79.8 million) in p-c-p;
  • Net profit (loss): (MYR750.4 million) (USD232.0 million), compared to a loss of MYR454.8 million (USD140.6 million) in p-c-p;
  • Total assets: MYR20,506 million (USD6339 million);
  • Cash and bank balances: MYR2503 million) (USD773.7 million);
  • Total liabilities: MYR17,298 million (USD5347 million). [more - original PR] [more - CAPA Analysis]
    

*Based on the average conversion rate at USD1 = MYR3.2348 for 2Q2014
*Based on the average conversion rate at USD1 = MYR3.2664 for 1H2014

Malaysia Airlines: "After six consecutive quarters of losses since end 2012, Malaysia Airlines was acutely aware of the need to restructure the Group's operations even prior to the double tragedies of MH370 and MH17. The fact that both incidents have occurred within such a short span of time had exacerbated the situation and severely damaged the airline's brand and business reputation accelerating the need to restructure the Company." Source: Company statement, 28-Aug-2014.